JAN 31 2022 / ISSUE NO. 9 / ARCHIVE
This Week's Top Stories
- U.S. Housing Market Gained $6.9 Trillion in 2021 and Has Doubled In Value Since the Great Recession
According to Zillow's newest analysis, U.S. housing market gained a record $6.9 trillion in 2021 and is now worth $43.4 trillion, doubled in value since the midst of the Great Recession. The previous largest annual gain was $3.7 trillion in 2005.
Due to strong demand and limited supply in 2021, Zillow economists expect 2022 to be another strong year.
- Las Vegas Ranks Top 3 Most Popular Migration Destinations in the U.S. in Redfin Q4 Report
Homebuyers tend to move from expensive areas to more affordable places. Miami, Phoenix, Las Vegas, Sacramento and Tampa were the most popular migration destinations of all the major U.S. metros in the fourth quarter.
- Las Vegas Median Home-Price Increases 21.5% in 2021 According to ATTOM Home Sales Report
U.S. median home price increased 16.9% in 2021, hitting an all-time annual high of $301,000 according to ATTOM report. Las Vegas (+21.5%) is one of the largest median-price increases in metro areas with a population of at least 1 million in 2021.
- Las Vegas Ranks No. 6 Rent Growth Metro in 2021 by Realtor.com with 18.9% YOY Increase
Remote work continue drives skyrocketing rents in secondary markets, with the top 10 led by the relatively affordable cities. Las Vegas rent increased 18.9% in 2021.
- Las Vegas Welcomed More Than 32 Million Visitors in 2021 as it Continues Toward Recovery
According to a new research published by the Las Vegas Convention and Visitors Authority (LVCVA), Las Vegas welcomed more than 32 million visitors in 2021. This number was down only 24% below the 2019 pre-pandemic level of 42 million visitors, as pent-up demand for leisure travel continued to spur the destination’s recovery.
Binion's Horseshoe in 1968, downtown Las Vegas
Commercial Real Estate
- Nevada Ranks Top 10 States for LEED by U.S. Green Building Council: The City Of Las Vegas Municipal Courthouse was certified LEED Silver.
- Daniel Joseph Chenin, Ltd. Receives AIA Nevada Architecture Firm Award: The firm also won two design awards in the Built Projects Category – an Honor Award for Commercial Interiors for Atelier 2.0 (the firm’s office) and a Merit Award for Residential Architecture/Interiors for a residence dubbed Fort 137, located in the Summit custom home community.
- TSK Recognized by American Institute of Architects Nevada for Excellence in Design: TSK received one top honor in the unbuilt category, medical education building, for the Kirk Kerkorian School of Medicine and a second top honor in the built category, commercial architecture, for the Las Vegas Convention Center Phase 2 Expansion.
- Las Vegas Ranks Top 3 Rent Growth Single-Family Rental Market by John Burns Real Estate Consulting: Overall, national new lease effective rent growth averaged 4.6%. Rents in the 20 largest single-family rental markets have increased 10% YOY, and Las Vegas has increased 11% YOY.
- STITCHED Donated $45,000 to UNLV Lee Business School Endowed Student Scholarship: The donation made by Eamon Springall, president of STITCHED, will establish a new scholarship endowment – the Lee Business School Alumni Chapter Scholarship Endowed by STITCHED.
Hotel and Gaming
- Caesars Entertainment To Rebrand Bally's to Horseshoe on the Strip: The rebranding and renovation will begin in the spring of 2022 and the 53rd annual World Series of Poker will be hosted at this property on May 31 - July 19, 2022.
- Wynn Resorts Planning A 1,000+ Room Resort in United Arab Emirates: It's unclear in Wynn Resort's newest press release whether its "gaming" area means gambling or entertainment/video gaming. More details of the project will be known in the future.
- Converse Consultants Provides Insights on Environmental Due Diligence: We interviewed Kurt Goebel and Teri Askew from Converse Consultants about the importance of due diligence for land and developed property. Their expertises include Phase I and II site assessments, asbestos and lead based paint, soil and groundwater testing and monitoring, and more.
Vegas Business Digest is a modern, local publication that focuses on Las Vegas business news and community. Our mission is to document the stories of our city and connect business minds to help make our hometown better.
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